United States - Delaware

A transportation services company defended against claims of fraud, rescission and violation of the Delaware Securities Act arising out of its $203 million sale from its majority owner company to a private equity firm in a reverse triangular merger. The Delaware Supreme Court upheld the Chancery Court's decision to toss fraud counterclaims based on a lack of a "physical nexus" to Delaware. Faegre Baker Daniels represented the transportation services company in this case.